Mr. Brent Ashton reports

COVALON ANNOUNCES GRANT OF DEFERRED SHARE UNITS

Covalon Technologies Ltd. has granted an aggregate of 97,674 deferred share units (DSUs) to four of its non-employee directors that elected to receive all or a portion of their annual directors' fees for fiscal year 2026 in DSUs as opposed to cash.

The DSUs were granted under the company's amended and restated omnibus long-term incentive plan adopted effective on March 25, 2026. The DSUs will vest 12 months from the date of grant. The deemed value for the DSUs was calculated using the last closing price of the company's common shares on the TSX Venture Exchange prior to the date of grant, being $1.72 multiplied by the number of DSUs awarded.

About Covalon Technologies Ltd.

Covalon is a leading MedTech (medical technology) company dedicated to improving patient outcomes through innovative and compassionate medical products and technologies. The company's expertise spans advanced wound care, vascular access and surgical consumables, with a strong focus on enhancing healing, reducing health-care-associated infections (HAIs) and protecting skin integrity. The company's solutions are designed for patients and made for care providers. The company is listed on the TSX Venture Exchange (COV) and trades on the OTCQX Market (CVALF).

We seek Safe Harbor.